Jennifer, a Minnesota real estate salesperson, is working as a facilitator in a transaction. The buyer mentions to Jennifer that he is actually willing to pay up to $320,000 for the property, even though his initial offer is $295,000. The seller is Jennifer's neighbor and close friend. What must Jennifer do with this information under Minnesota law?
Correct Answer
C) Keep the buyer's maximum price confidential from the seller, as facilitators may not share party confidences
Under Minn. Stat. § 82.67, even though a facilitator does not owe full fiduciary duties, a facilitator is prohibited from disclosing confidential information shared by one party to the other party without authorization. The buyer's maximum willingness to pay is confidential information. Jennifer must not share it with the seller regardless of their personal relationship.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The fiduciary obligation to protect a client's private information and not disclose it to third parties without permission, surviving even after the agency relationship ends.
In real estate, a client is someone to whom the agent owes fiduciary duties through an agency relationship, while a customer is a third party to whom the agent owes only honesty and fair dealing.
An arrangement where a brokerage assigns separate agents within the firm to represent the buyer and seller in the same transaction, allowing each client to have dedicated representation.
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